Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report)’s share price gapped down before the market opened on Thursday after Bank of America lowered their price target on the stock from $70.00 to $60.00. The stock had previously closed at $59.23, but opened at $49.25. Bank of America currently has a neutral rating on the stock. Cytokinetics shares last traded at $48.75, with a volume of 4,929,471 shares.
Several other research firms have also recently weighed in on CYTK. Truist Financial reissued a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a research note on Monday, April 8th. Barclays dropped their price target on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. UBS Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. Raymond James dropped their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Oppenheimer decreased their price target on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and an average target price of $77.47.
Insiders Place Their Bets
In related news, EVP Fady Ibraham Malik sold 15,547 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the transaction, the executive vice president now directly owns 137,056 shares in the company, valued at $8,923,716.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Fady Ibraham Malik sold 15,547 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the completion of the sale, the executive vice president now owns 137,056 shares of the company’s stock, valued at $8,923,716.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John T. Henderson sold 10,562 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold 91,318 shares of company stock worth $6,319,540 in the last three months. 3.40% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after buying an additional 273,565 shares in the last quarter. First Turn Management LLC purchased a new stake in Cytokinetics during the 4th quarter valued at approximately $67,414,000. Charles Schwab Investment Management Inc. raised its position in shares of Cytokinetics by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock valued at $65,955,000 after buying an additional 33,257 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Cytokinetics in the first quarter worth $51,277,000. Finally, Norges Bank purchased a new position in Cytokinetics during the fourth quarter valued at $60,299,000.
Cytokinetics Stock Performance
The business’s fifty day simple moving average is $66.44 and its 200-day simple moving average is $63.55. The company has a market capitalization of $5.17 billion, a P/E ratio of -9.22 and a beta of 0.72.
Cytokinetics (NASDAQ:CYTK – Get Free Report) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. During the same quarter in the previous year, the business posted ($1.38) EPS. The firm’s revenue was down 81.8% on a year-over-year basis. As a group, analysts forecast that Cytokinetics, Incorporated will post -4.73 EPS for the current year.
About Cytokinetics
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.